TVC has an interesting post about researching non-profit companies:
(4 Apr) One of the most useful documents to examine when you are conducting research on a non-profit organization is the form 990.
According to the Nonprofit Coordinating Committee of New York, "[t]he Form 990, entitled 'Return of Organization Exempt From Income Tax,' is a report that must be filed each year with the Internal Revenue Service (IRS) by organizations exempt from Federal income taxes under section 501 of the Internal Revenue Code, and whose annual receipts are 'normally' more than $25,000 a year. It is an information return and not an income tax return since the organizations that file it do not pay income taxes."
Bill Smith, a reporter at the St. Louis Post-Dispatch who covers non-profit companies, offers a guide on key areas of the form. For example, he advises, "Usually high fundraising expenses can signal that a nonprofit relies too heavily on outside telemarketers or direct mail fundraisers to raise money for their operations, leaving little for their actual programs."